Bitcoin and Ether recover as investors catch their breath after fear of crypto

Bitcoin, along with almost every other cryptocurrency, fell on Indian crypto exchanges on Wednesday, but as the air cleared on an impending cryptocurrency ban, panic among investors subsided. Bitcoin is currently back at $59,174 (about Rs 44.07 lakh) on Indian exchange Coinswitch Kuber, recovering 15.5% after a massive 25% drop on Tuesday night.

Meanwhile, the most popular cryptocurrency on global exchanges like CoinMarketCap is valued at $57,516 (roughly Rs.42.8 lakh). The midweek drop may have made up the difference between bitcoin’s valuation on Indian and global exchanges, but investors across the country are still a little skeptical about going all-in.

Compared to Bitcoin’s rally, Ether’s rally is bigger. The second most popular cryptocurrency gained a higher price than Monday, after falling more than 20% early Wednesday. Ether is currently valued at $4,424 (approximately Rs 3.3 lakh) on Coinswitch Kuber, while the second largest crypto by market cap among stocks on world exchanges is pegged at $4,295 (approximately Rs 3.2 lakh).

Gadgets 360’s cryptocurrency price tracker shows that the Ethereum-based cryptocurrency has seen its value drop by around 7.5% over the past two weeks, reaching an all-time high of $4,870 (roughly Rs.3.61 lakh) on November 10. Since arriving.

“The cryptocurrency market has been quite volatile over the past 24 hours. The largest cryptocurrency by market cap, bitcoin, has hit the $58,000 mark. Apart from the top three cryptos, most others remain in the $58,000 mark. Limited Movement. The next 24 hours could be a good session for the bulls, if BTC manages $58,000 (approximately Rs 43.2 lakh),” expects Edul Patel, CEO and co-founder of Mudrex, an AI-based crypto investment platform. . ,

If Wednesday’s market tracker was dripping red, today’s day is the exact opposite. Cardano, Tether, Ripple, Polkadot and Litecoin have all increased in value over the past 24 hours, while the only loser on the charts appears to be Monero – one of the top 50 coins by market cap and gaining 83% in valuation. Last year.

Even Dogecoin and Shiba Inu coins have recovered well. Dogecoin is currently trading at $0.22 (approximately Rs 16.69), up 1.83% over the last 24 hours, with the Shiba Inu valued at $0.000041 (approximately 0.003041), up 0.57%.

Prime Minister Narendra Modi’s government has introduced a bill that would ban the operation of all private cryptocurrencies in India. However, the bill does not clearly define what constitutes a “private” cryptocurrency. Having said that, it should be noted that the Indian banking industry uses the term “private” to refer to any entity not controlled by the government. Investors are seeking clarification on the possible taxation of transactions and holding crypto as an asset.

It is too early to say whether the bill will eventually pass or be amended. For now, the bill will go through the winter session of Parliament, which begins on November 29.

On the tax front, South Korea is exploring ways to tax non-fungible tokens (NFTs) amid controversies over crypto regulations in the country. NFTs are virtual collectibles tied to real-life objects such as games, artwork and music whose ownership is locked and transferred to the blockchain.

Cryptocurrency is an unregulated digital currency, not legal tender and subject to market risk. The information in this article is not intended to constitute financial advice, business advice or any other advice or a recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss arising out of any investment based on any said recommendation, forecast or any other information contained in the article.